adept4 plc Long Term Incentive Plan (1061X)
17 February 2017 - 12:35AM
UK Regulatory
TIDMAD4
RNS Number : 1061X
adept4 plc
16 February 2017
16 February 2017
Adept4 plc
("Adept4", the "Company" or the "Group")
Long Term Incentive Plan
Adept4 announces that on 16 February 2017 it made awards to
certain directors under the Company's recently established long
term incentive plan ("LTIP"). At the time of the Company's placing
("Placing") and acquisitions of Ancar-B Technologies Ltd and Weston
Communications Limited ("Acquisitions") in January 2016, the
Company announced that it intended to create a long-term incentive
plan ("LTIP") for key management as it believed that the future
success of the Company would depend largely on its key management
and staff being appropriately motivated and rewarded.
Participants in the LTIP will be entitled in aggregate to up to
10 per cent. of future shareholder value generated, which is
calculated by reference to the growth in the market capitalisation
of the Company above the base value. The base value is defined as
the market capitalisation of the Company following the Placing and
Acquisitions, i.e. the growth in share price above the Placing
price of 4.2 pence. Awards under the LTIP are subject to vesting
criteria of a minimum of 40% shareholder return created over a
period of up to six years from the date of the Placing and
Acquisitions (or five years from issue of the shares as detailed
below), as adjusted for the issue of new ordinary shares (but
excluding any new ordinary shares issued pursuant to the LTIP) and
taking into account dividends and capital returns, if any
("Shareholder Return").
The LTIP had been initially partially implemented through the
use of EMI Options and a bonus scheme, which will only vest subject
to a minimum of a three to five year qualifying employment period
or a sale of the Company ("Exit"), whichever is shorter, and
subject to Shareholder Returns exceeding 40%. The EMI options
awarded to Ian Winn under this scheme were announced on 29
September 2016 and are subject to an exercise price of 9 pence.
On 16 February 2017, awards of 7.0 per cent. of Shareholder
Return were made to Gavin Lyons, Executive Chairman, (4.8 per
cent.) and Ian Winn, COO and Finance Director (2.2 per cent.)
through the issue of A ordinary shares and B ordinary shares in
Adept4 Holdings Limited (together the "LTIP Shares"), an
intermediate holding company of the Company. The LTIP Shares have
the right to be exchanged, at the discretion of the Company, for
cash or for Ordinary Shares in the Company, upon an Exit or between
three and five years from issue, subject in all cases to the
vesting criteria (being a share price at vesting of greater than 9
pence) being met. In total, including the EMI options awarded on 29
September 2016 and bonus scheme referred to above, awards of 9.5%
per cent. of Shareholder Return have now been made.
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail.
For further information please contact:
Adept4 plc
Gavin Lyons, Executive Chairman
Ian Winn, Finance Director and Chief Operating Officer 01925 204 844
N+1 Singer (Nominated Adviser and Broker)
Shaun Dobson
Liz Yong 020 7496 3000
MXC Capital Markets LLP
Marc Young
Charlotte Stranner 020 7965 8149
About Adept4
Adept4 delivers IT as a service to small and medium sized
businesses across the UK. IT as a Service (ITaaS) provides you with
exactly the amount of technology and support you need in accordance
with business requirements, billed on a monthly basis, based on
what is consumed.
Critically we underpin this delivery method with a 24 x 7 UK
response team, strategic consulting, professional services and
software development to provide exactly what organisations need
from IT at any given time. Whether an infrastructure is based on
legacy or emerging technologies we will ensure organisations have
the flexibility, agility and cost efficiencies required to run
their business effectively, all through a single trusted
provider.
Adept4 is a public company quoted on the AIM market of the
London Stock Exchange. The company is headquartered in Warrington,
with offices in Leeds, Aberdeen, and Brighton.
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ----------------------------------------------------------------
a) Name Gavin Lyons
---- ------------------------- -------------------------------------
2 Reason for the notification
---- ----------------------------------------------------------------
a) Position/status Executive Chairman
---- ------------------------- -------------------------------------
b) Initial notification Initial Notification
/Amendment
---- ------------------------- -------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ----------------------------------------------------------------
a) Name Adept4 plc
---- ------------------------- -------------------------------------
b) LEI 213800D4GJKAFHT5TB32
---- ------------------------- -------------------------------------
4.1 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ----------------------------------------------------------------
a) Description of A ordinary shares of 1 pence
the financial each in Adept4 Holdings Limited
instrument, type ("A Shares")
of instrument
Identification n/a
code
---- ------------------------- -------------------------------------
b) Nature of the Issue of A Shares under Long
transaction Term Incentive Plan
---- ------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------------------- ----------
n/a 9,760
---------------------- ----------
---- ------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price
---- ------------------------- -------------------------------------
e) Date of the transaction 16 February 2017
---- ------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------- -------------------------------------
4.2 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ----------------------------------------------------------------
a) Description of B ordinary shares of 0.01
the financial pence each in Adept4 Holdings
instrument, type Limited ("B Shares")
of instrument
Identification n/a
code
---- ------------------------- -------------------------------------
b) Nature of the Issue of B Shares under Long
transaction Term Incentive Plan
---- ------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------------------- ----------
n/a 710
---------------------- ----------
---- ------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price
---- ------------------------- -------------------------------------
e) Date of the transaction 16 February 2017
---- ------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------- -------------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ----------------------------------------------------------------
a) Name Ian Winn
---- ------------------------- -------------------------------------
2 Reason for the notification
---- ----------------------------------------------------------------
a) Position/status COO and Finance Director
---- ------------------------- -------------------------------------
b) Initial notification Initial Notification
/Amendment
---- ------------------------- -------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ----------------------------------------------------------------
a) Name Adept4 plc
---- ------------------------- -------------------------------------
b) LEI 213800D4GJKAFHT5TB32
---- ------------------------- -------------------------------------
4.1 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ----------------------------------------------------------------
a) Description of A ordinary shares of 1 pence
the financial each in Adept4 Holdings Limited
instrument, type ("A Shares")
of instrument
n/a
Identification
code
---- ------------------------- -------------------------------------
b) Nature of the Issue of A Shares under Long
transaction Term Incentive Plan
---- ------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------------------- ----------
n/a 4,960
---------------------- ----------
---- ------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price
---- ------------------------- -------------------------------------
e) Date of the transaction 16 February 2017
---- ------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------- -------------------------------------
4.2 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ----------------------------------------------------------------
a) Description of B ordinary shares of 0.01
the financial pence each in Adept4 Holdings
instrument, type Limited ("B Shares")
of instrument
n/a
Identification
code
---- ------------------------- -------------------------------------
b) Nature of the Issue of B Shares under Long
transaction Term Incentive Plan
---- ------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------------------- ----------
n/a 290
---------------------- ----------
---- ------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price
---- ------------------------- -------------------------------------
e) Date of the transaction 16 February 2017
---- ------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------- -------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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